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Is the government raising money through the Board? In the price exchanges at the lowest levels since 2021, today oil had to be sold for 174.5 ALL/liter

2023-01-18 07:50:04Biznes SHKRUAR NGA REDAKSIA VOX

Is the government raising money through the Board? In the price exchanges at the

The Transparency Board decided yesterday to increase the price of fuel, bringing it to 208 Lek per liter.

This is the first decision of the Board for this year, while its last meeting was on December 20, when it lowered it to 199 ALL per liter.

On the stock exchange, oil is traded at around 85 dollars per barrel (reference indicator Brent), at the lowest levels since October 2021. At that time, a liter of oil in the country was traded at an average of 174.5 ALL per liter according to INSTAT data, while today it is 33 lek more expensive, or 16% more expensive.

Since March 2022, oil price ceilings have been set by the Transparency Board, created by the government to control the sharp increase in fuel prices that followed Russia's attack on Ukraine.

Market operators have repeatedly asserted that price fixing, frequent and perverted Board interventions, instead of having a positive effect, have had the opposite effect, keeping prices artificially high.

According to the Association of Hydrocarbons Companies, if the operators were free to decide on prices, each of them would take their own risk and make longer-term purchases, at the moments when they estimated that the prices in the market had reached a minimum point. Market operators claim that if the Board did not intervene, prices would be at least 5% cheaper.

Even the last move of the Board, in terms of increasing prices, was received negatively by market operators, according to Monitor sources.

135 million euros more VAT was paid just from the increase in prices

The Minister of Infrastructure and Energy said at the beginning of this year that the Board is expected to be dissolved soon, while yesterday it was decided to intervene again in the prices.

The main beneficiary of the increase in oil prices is the government, which collects more VAT as a result of the high prices. Finance has not disclosed how much the receipts are as a result of the price increase, but sources from the Association of Hydrocarbon Companies informed Monitor that the fuel companies have paid 135 million euros more in VAT just from the increase in prices, which for months in a row remained at the levels of 230-240 ALL per liter, from around 170-180 ALL per liter in 2021.

The increase in prices also affected the decline in consumption. According to data from the Ministry of Finance, for the 11th month, fuel imports were 508.7 thousand tons, with a decrease of 9.4% on an annual basis.

Although they bought less fuel, consumers spent more. Only for the 9th month, according to the previous estimates of Monitor, on average, about 20 million euros more were spent every month to buy oil or gasoline, with the highest levels recorded in the June-September period, when the movements are the most numerous due to the tourist season.


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